Attention Minnesota First Time Home Buyers: Need an agent? Contact an experienced buyer agent

Ready To Buy? A Minnesota Homebuyers Guide
Guide to Home Ownership in MN

 
Knowledge and experience are the keys to successful real estate transactions. REALTOR.com® contains an enormous amount of valuable information, and such data -- combined with the expertise, experience and training of Minnesota REALTORS® like me, can be the essential keys to your success.

One of the keys to making the homebuying process easier and more understandable is planning. In doing so, you'll be able to anticipate requests from lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the homebuying process.

Do You Know What You Want?
Whether you are a first-time Minnesota homebuyer or entering the Minneapolis real estate marketplace as a repeat buyer, you need to ask why you want to buy. Are you planning to move to a new part of the Twin Cities due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of Minnesota real estate that you do not now have? Do you have a purchasing timeframe?

Whatever your answers, the more you know about the Twin Cities real estate marketplace, the more likely you are to effectively define your goals. As an interesting exercise, it can be worthwhile to look at the questions above and to then discuss them in detail when meeting with Minneapolis REALTORS®.

Do You Have The Money?
Homes and Minnesota first time buyer financing are closely intertwined. (Financing is the difference between the purchase price and the downpayment, commonly referred to as debt or the mortgage.) The good news is that over the years new and innovative MN loan programs have evolved which require a 5 percent downpayment or less. In fact, some programs still allow purchasers to buy Minneapolis real estate with nothing down.

In addition to a down payment, Minnesota home buyers also need cash for closing costs (the final costs associated with closing the loan). Several newly emerging Minnesota loan programs not only allow the purchase of a home with no money down, but also underwrite closing costs.

Not everyone, however, elects to purchase Minnesota homes with little or no money down. Less money down means higher monthly mortgage payments, so most homebuyers choose to buy with some cash up front.